Cuba Petroleum Sanctions Bill Introduced in the US Congress

Right before the Memorial Day break, a group of bipartisan legislators in the U.S. Congress introduced the Caribbean Coral Reef Protection Act (H.R. 2047). If enacted, penalties would be imposed against companies and individuals assisting Cuba in the development of its petroleum industry as well as offshore oil drilling in waters close to the Florida Keys.

According to Committee documents, the bill was not available for review yet, The legislation would deny U.S. visas to any individuals investing more than $1 million in Cuba's petroleum sector. It would also make it illegal for any U.S. citizen to help the Cuban government explore for drilling opportunities in Cuban waters.

The original co-sponsors of this legislation include the Chairman of the House Foreign Affairs Committee, Rep. Ileana Ros-Lehtinen (R-Fla.), Reps. Albio Sires (D-New Jersey), Connie Mack (R-Fla.), Gerald E. Connolly (D-Va.), Vern Buchanan (R-Fla.), Mario Diaz-Balart (R-Fla.), David Rivera (R-Fla.), and Allen B. West (R-Fla.).

Four Congressional Committees will consider the measure including the House Foreign Affairs Committee, the House Financial Services Committee, the House Judiciary Committee, and the House Oversight and Government Reform Committee. The bill would amend the Cuban Liberty and Solidarity Act of 1996.

Once the bill is available from the Government Printing Office, we will update this post.